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RETIREMENT VILLAGES

Purchasing a property in retirement villages is a significant decision, with many implications on lifestyle, healthcare and financial outcomes. People may move into retirement villages because they offer additional privacy, security, social opportunity and in house services. This page will educate readers with foundational knowledge if they are considering buying into a village.

retirement villages

When choosing a retirement village, there are many factors to consider. We recommend people understand the contract (retirement properties can be leased, loaned, rented, licensed or purchased under a strata or community scheme), product disclosure statement, deferred management fees (also known as exit fees), maintenance costs (some costs you can opt out of) and understand how the property can be used in a Will and the future events this may bear for your beneficiaries.

What our clients say about us

Stacey Sullaphen
Stacey Sullaphen
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Nothing but praise for HLC who handled our purchase right on the border of NSW & QLD, making it tricky indeed. Sue & her team kept on top of everything and informed us every step of the way! Would not consider using anyone else for our Conveyancing or legal needs.
Rick M
Rick M
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I cannot begin to say how easy purchasing a home was with the help of Hunter legal and Conveyancing. Sue and the team made a difficult task simple. I will definitely be using HLC for my next house.
Shane Nevin
Shane Nevin
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I couldn't have asked for better service than what i received from Dawn when purchasing our block of land last year. Very helpful, extremely professional, service with a smile. 🙂
Karen Fenning
Karen Fenning
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Highly recommend Hunter Legal & Conveyancing , Sue and her Team went above and beyond for us they came to our home to sign our new House Contract when it was difficult for us to get out and about with our disabled son.
Leanne McDonnell
Leanne McDonnell
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The Team @ Hunter Legal & Conveyancing are exceptionally great @ what they do as a team, their excellence to detail and support were outstanding, Thanks to Sue and The Team, from the front desk to beyond you all went out of your way to help me achieve the purchase of my new property. I would highly recommend Hunter Legal & Conveyancing. Thankyou ALL again. Leanne. Kurri Kurri.
Steven Sales
Steven Sales
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No mucking around, they just get in and get the job done. Friendly staff Made the process of buying a house less stressful
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Vicki Hobbs
Vicki Hobbs
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I have found them most helpful, with the sale of my house. You would be happy with their service if you went with them.
Mathew Sefian
Mathew Sefian
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Incredible work. I needed people on the ball, proactive and experienced enough to navigate a settlement in 5 days after an exchange. Any one who knows property, banks and sollicitors knows this is a big ask. Hunter legal were all over it !!! And we did it. Great work cant say enough about this team.
Brad Driscoll
Brad Driscoll
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Erin and the team from Hunter Legal and Conveyancing were a pleasure to work with. Made the process straight forward and easy to manage.
Toni Walsh
Toni Walsh
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I work with Hunter Legal on a daily basis and always find them easy to communicate with, always friendly and happy to help any way they can. Would happily refer them to anyone who is wanting to buy or sell real estate.
Chris Lyttle
Chris Lyttle
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The team at hunter legal are very helpful and where able to sort everything out while I was working away. Ebony done an excellent job with the sale of my house and buying my new house.
Darren Doyle
Darren Doyle
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The staff have been awesome right from when I called to get there help in buying our home, highly recommended HLC to everyone looking for professional help in anyway. Thank you so much Susanne you made our job easy. Keep up the great work.
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Kathie Morris
Kathie Morris
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Big thank you to Ebony, Erin and team for handling both property sales and purchases for us recently. All transactions were delivered professionally and thoughtfully, considerate of our time and availability.
Ryan Drury
Ryan Drury
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Fantastic service. Went above & beyond with my recent home purchase. Highly recommend this professional crew. Special shout out to Jasmine for her fantastic efforts. Thank you so much.
Trevor Laker
Trevor Laker
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Sue and Ebony were amazing after having a bad experience with another Conveyancer, a pleasant and easy transaction and nothing was to much trouble for these girls. We would have no problem recommending them they at least sell peace of mind when they take you on as a client.
Terry Bradley
Terry Bradley
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Having moved from interstate and not knowing anyone, Sue was recommended by the real estate agent. She was very friendly and pleasant to deal with especially when we had dramas. Would highly recommend their services.
Kasey Williams
Kasey Williams
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Ebony and Erin assisted me in purchasing my first home. They were incredibly professional and guided me through every step of the process, answering all of my questions and providing valuable assistance along the way. Thankyou so much!
Steve Jarmain
Steve Jarmain
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I have engaged Sue and the friendly team at Hunter Legal twice in 12 months on Conveyancing and purchasing realestate. its a pleasure dealing with such professionals. They are very efficient, have great communication and are very approachable. I highly recommend Hunter Legal and will continue to use their services in the future. Again well done to Sue and your proactive team.... Thank you...
Danielle Fox Harland
Danielle Fox Harland
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Sue Mosley and her team at Hunter Legal and Conveyancing were a pleasure to work with. Sue and Jasmine have a straight forward approach to Conveyancing and legal matters which made the process of purchasing a property stress free and easy. Her honesty, expertise and in depth knowledge enabled us to achieve a property settlement in a short amount of time. Sue and her team went above and beyond our expectations in all areas of customer service and legal representation. We would highly recommend Hunter Legal & Conveyancing.
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COMPARING RESIDENCES

As readers will have gathered, there are variable situations from village to village, so it’s difficult to compare all residences evenly. 

The NSW Office of Fair Trading offers a retirement village calculator here, which can help during the planning stage. Additionally, employing a professional Conveyancer or Solicitor will help people fully understand the contract of sale and to ensure long term goals are premeditated.

While financials are a significant aspect of buying into a retirement village, the healthcare conveniences are even more important. 

As Conveyancers, healthcare is not our area of expertise, however we do recommend people research the following avenues if they are considering purchasing into a retirement property:

retirement villages

Occupational therapy. Does the property require any home modifications or assistive equipment prior to moving in?

Transitional care. Ensuring a healthcare provider is available to assist with the transition.

Lifetime care and support. Commonly residents require ongoing healthcare services (such as physiotherapy). 

Villages may have existing partnerships with healthcare providers (or possess internal healthcare), or residents may be required, or wish to, obtain their own healthcare solutions.

Updating their knowledge and status with national healthcare schemes (i.e. National Disability Insurance Scheme, Department of Veteran’s Affairs) and understanding how these schemes may assist.

If readers would like to learn more about aged care services and government assistance schemes, visit the my aged care government website here.

RETIREMENT VILLAGES IN NSW - WHAT YOU NEED TO KNOW

The NSW Government has continually reformed laws surrounding retirement villages, with the latest update in 2017, the new legislation provides better transparency and protection for buyers, by way of standardising the mandatory information villages must disclose to their existing and prospective residents.

Readers can view the Retirement Villages Regulation 2017 legislation here. Some items of note are:

Part 2, Clause 11 “For the purpose of the form of a disclosure statement, average resident comparison figure means the monthly average of the sum of the following amounts over a period of 84 months” –
In other words, the product disclosure statement (PDS) will outline the total cost of recurring fees, exit fees and payable capital gains. This standardised document will assist people with their financial planning and comparisons between villages.

Schedule 2 Standard Form of Village Contract. This is essentially standardising the contract with high level of detail specific to retirement villages. 

For example, the contract will list all fees (as viewed in the PDS), payment schedules, carport usage, storage areas, refurbishment, occupancy dates, services, facilities etc.

The cooling off period for retirement villages is 7 business days (normally, cooling off periods are 5 business days).
Readers may also wish to look at the Retirement Villages Act 1999.

FAQ

It depends on the terms of the original contract.
If a resident is loaning, leasing, licensing or renting a retirement property, the majority of the time, the village operator is required to organise and pay for refurbishment of capital items. This expense is viewable as one of the recurring charges that will be listed on the product disclosure statement.
In contrast, if the property has been acquired under a strata or community scheme, the residents will be responsible for organising and paying for maintenance of capital items. This expense is not listed as one of the recurring charges.

This depends on the terms the property has been acquired under.
If a resident is loaning, leasing, licensing or renting a retirement property, the village provider is responsible for renovations of all capital property. A resident will require written consent from the village to perform the renovations. Additionally, the village will select the appropriate contractor to perform the renovations. The resident will pay for the renovations. The resident also has some ability to negotiate.
If you are considering a retirement village property and it requires renovations, we encourage you to seek legal advice and have the renovation clause noted in the contract prior to signing it.
If the property has been acquired under a strata or community scheme, the owner of the property holds the authority to renovate the property.
There are complexities that can arise, such as renovations near shared walls, or noise regulations. Work with your Conveyancer, Solicitor and village to work it out.

Assuming the property has been acquired under a strata or community scheme, the owner of the property holds the authority to sell the property entirely. The owner will not require consent or authorisation from any other parties.
Under loaning, leasing, licensing or renting agreements the village operator holds the authority to sell the property.

HOW WE CAN HELP

  • Comparing multiple villages to align with your financial and lifestyle goals
  • Strategising the long term outcome, including calculating all recurring costs, exit fees and future sale of the property
  • Advising how the property can be used in a Will
  • Ensuring the village provider provides you with all relevant documentation
  • Helping you understand your rights and obligations as a resident of the community
  • Providing ongoing support (i.e. assisting with dispute resolution and exiting the retirement village)
  • Please browse our website to see if we’re a suitable Law firm for you. Alternatively, feel free to call our office on 1300 224 828 or use our contact page.

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